16. The main difference between a LIRA and a LIF is: a. There is no minimum withdrawal from a LIRA. b. A LIRA does not pay out income. C. A LIF must sometimes be used to purchase a life annuity at age 80 while a LIRA must be used to purchase a life annuity at age 71. d. With a LIRA, the owner can choose the investments while this is not true for a LIF. 17. Charley, age 32, was in a motorcycle accident. His injuries were such that he will be receiving monthly, non-taxable benefits from his insurance company for many years to come. His only taxable income is the CPP Disability Benefit of about $13,000 a year. What is the maximum CDSG and CDSB he can collect if he contributes $1,500 to a Registered Disability Savings Plan? $2,600 f. $1,000 g. $3,500 h. $4,500 e. 18. Ingrid transferred her RRSP to a RRIF on December 22, 2019 when she was 63. Her birthday is July 4. There was $200,000 in the RRIF at January 1, 2020. The fund earned 5% for the year 2020. On December 29, 2020, Ingrid made the minimum withdrawal of: a. $7,407 b. $7,778 C. $7,692 d. $8,077 19. Under what circumstances may an individual unlock 100% of their locked-in LIFs or LRSP? a. One-time unlocking, small balance unlocking and shortened life expectancy unlocking. b. Small balance unlocking, financial hardship unlocking and shortened life expectancy unlocking c. Non-resident unlocking, small balance unlocking and shortened life expectancy. d. Non-resident unlocking, one-time unlocking and financial hardship unlocking